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What's New in Taxes This Year?

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Check out the almanac for an overview of the federal individual income tax, History of the Income Tax, Federal Taxes Collected and Spent by the States, and a table of State Taxes on Individuals.

For details on these and other changes for 1998, see What's Hot at the IRS homepage.

New Child Tax Credits

If you have a child who was under age 17 at the end of 1998, you may be eligible for up to $400 in credits for each child. A credit called the Additional Child Tax Credit is refundable, so it may give you a refund even if you do not owe any tax. These credits are in addition to the child and dependent care credit and the earned income credit that you may be able to claim.

Student Loan Interest Deduction

If you paid interest on a qualified student loan, you may be able to deduct up to $1,000 of the interest.

Education Credits

You may be able to take credit for tuition and related expenses paid for yourself, your spouse, or dependents to enroll at or attend an eligible educational institution.






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